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Owner refinances Coconut Grove, Fla., Hampton Inn at 3.9% fixed rate

 

Debt broker Meridian Capital Group arranged $21.5 million in financing for the refinance of the Hampton Inn by Hilton located in Coconut Grove, FL, on behalf of Hospitality Operations, Inc.

 

The seven-year balance sheet loan, provided by the U.S. arm of an international bank, features a fixed rate of 3.90%.

 

This transaction was negotiated by Meridian Managing Director, Noam Kaminetzky and Vice President, Joseph Landsberg, who are both based in the company’s Boca Raton, FL office.

 

The Hampton Inn by Hilton, located at 2800 South West 28th Terrace in Coconut Grove, is a six-story, 135-key hotel. The property is situated directly across the street from the Metrorail at Coconut Grove and is a 10-minute drive from Miami International Airport and the Port of Miami.

 

The hotel is also in close proximity to Coral Gables, Key Biscayne, Brickell and Downtown Miami, where guests enjoy a variety of dining, shopping and entertainment, including the American Airlines Arena, Bayside Marketplace, Perez Art Museum and Adrienne Arsht Center for Performing Arts.

 

In addition, The Hampton Inn by Hilton’s central location offers direct access to shopping centers and malls, including Cocowalk, Shops at Sunset Place, Village at Merrick Park, Dolphin Outlet Mall, Dadeland Mall and Miami International Mall.

 

“This deal presented a unique challenge for the borrower as the prior loan could not be prepaid without a significant penalty,” explained Mr. Kaminetzky. “There were concerns about the rising interest rate environment and Meridian negotiated a loan that allowed for a six-month rate lock,” he added. “Ultimately, the borrower was able to close the loan 55 basis points below prevailing market rates as result of this arrangement.”

 

“The borrower had a long-standing relationship with an existing advisory firm,” said  Landsberg. “Meridian leveraged its strong relationships and experience to obtain a better loan structure, tailored to meet the unique requirements of this asset,” he added.

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